Friday, November 23, 2007

Syndicate Bank extends e-network to Mysore and plan to open rural branch at Yelwal

Syndicate Bank introduced CBS five years ago. It was the first public sector bank to introduce CBS and today its 93 per cent of branches are networked, enabling its customers to transact through any of the networked branches.

Adopting a ‘Consumer-friendly, IT-savvy’ face, the nationalized Syndicate Bank has extended its networking to the remaining 7 per cent of its branches too under the core banking solution (CBS) to be able to provide online facility for its customers to all its branches, across the country.

Assistant General Manager K L N Joshi said, “Ours is the first bank to implement CBS among the public sector banks. The five-year experience has put us in a superior position. This has enabled us to introduce several technology-flavoured products like online booking, internet banking, telebanking, e-gateway and ATM sharing. As a result of this technology drive, Syndicate Bank has been awarded the best core banking project for large banks award in 2006 and the Asian Banker IT Implementation Award, also in 2006.”

Chief Manager G Anatharaman added that 35 of the 42 branches in the region, covering Mysore, Mandya, Chamarajanagar, Hassan and Madikeri districts, are now under CBS networking. The rest will be covered by December.

Joshi further added “We have also become the first bank to offer online loan application filing facility. After an encouraging response for the initial two products introduced two weeks back, this facility was extended to cover four more products in Mysore region on November 16, covering education, SME, housing, traders, professionals, and self-employed.”

Chief Manager K Ramesh Pai informed further that “This covers almost all loans, except corporate financing. We want to bring in agriculture too also under online facility. Once that is done, we will be the first bank in the country to introduce the facility for farmers among the nationalized banks.”

Joshi informed that Syndicate Bank is planning to add five ATMs to the existing 21 in the region and open a rural branch at Yelwal, outskirts of Mysore.

“Our two other products, educational loans (Synd Vidya and Synd Vidyarthi) and agricultural loans (Synd Jaikisan) is becoming very popular. Students can obtain Rs 10 lakh loan without guarantee and Rs 20 lakh with guarantee for studies in India and Rs. 7.5 lakh for studies abroad, apart from OD facility up to Rs 10,000. The hassle free investment credit scheme for agriculturists enables loan up to Rs 15 lakh,” said Ananatharam.

Joshi told that as against the banks target of Rs 30 crore, the bank disbursed Rs 18.5 crore farm loans last year and Rs 14.5 crore so far this year.

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